subject: Bp, Xom, Masp.ob Are 3 Comapnies Pennytobuck Is Keeping An Eye On [print this page] BP (NYSE:BP) announced that it has entered into several agreements to sell upstream assets in the United States, Canada and Egypt to Apache Corporation. The deals, together worth a total of $7 billion, comprise BPs Permian Basin assets in Texas and south-east New Mexico, US; its Western Canadian upstream gas assets; and the Western Desert business concessions and East Badr El-din exploration concession in Egypt.
The decision to make these divestments follows the announcement made by BP last month that it was increasing its target for divestments to $10 billion. The proceeds of the sales will be used by BP to increase the cash available to the group.
BP Chairman, Carl-Henric Svanberg, said: Over the last two months the Board has considered BPs options for generating the cash necessary to meet the obligations likely to arise from the Gulf of Mexico oil spill. BP has an extremely strong asset base which is diversified geographically as well as by asset class. The Board believes that there are opportunities to divest assets which are strategically more valuable to other parties than they are to BP. Todays announcement is the first such transaction and meets the value and strategic criteria of both parties.
Mass Petroleum (OTC:MASP)sprimary objective is to make strategic acquisitions balanced with focused exploration and development plans It also seeks to build core areas with significant undeveloped land, high working interest and/or operatorship, balance a light oil and gas portfolio with large scalable reserves, and focus on high Working Interest (WI) projects with an upside drilling prospect.
MASP.ob is currently in the process of acquiring several leases in the Walnut, Southeast field in Crawford County Kansas. The target leases consist of six separate leases within the Walnut Southeast field area. The leases are: Engle, Mein, Bammann, Westhoff, Steffens and Bradshaw. Each lease is developed with a number of producing wells and in some cases water injection as well. Production is primarily taken from the Bartlesville and Cattleman formations of Pennsylvanian age. Average well depth is approximately 380 feet. There are approximately 130 total wells on the property; leases are 100% working interest (WI), with net revenue interest (NRI) at approximately 80%. Total acreage on all leases is 1,300 acres.
MASP.ob has been continuing its efforts to determine key areas of interest through evaluating oil and gas assets with development and drilling upside potential. Mass Petroleum has determined the Kansas areas provide low-risk, multi-well oil and gas investments via direct participation programs through a direct ownership position in the wells or joint venture opportunities.
MASP.ob is looking to leave a major footprint in the sands in Western Canada. That just might be the Alberta Oil Sands, the second largest source of oil in the world after Saudi Arabia.
As youve followed, shares of MASP.ob has jumped $0.004 (+38.00%), up to $0.0138 in the end of market trading on last Friday!
More On MASP.ob Visit http://www.masspetroleum.com
Tim Cejka, president, ExxonMobil Exploration Company, and vice president, Exxon Mobil Corporation (NYSE:XOM), has elected to retire on Aug. 31, 2010, after more than 34 years of service.
XOM will appoint S. M. (Steve) Greenlee as president of XOM and elect him a vice president of the corporation effective Sept. 1, 2010. Greenlee is currently president, ExxonMobil Upstream Research Company.
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